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September 15, 2010

Court Authorized Sale of Certain Assets of the Pond Bay Club, St. John, U.S. Virgin Islands

More here:

Alvarez & Marsal Canada ULC ("A&M"), in its capacity as Agent to the Court-appointed Receiver of the Mortgaged Property of First American Development Group/Carib LLC, known as the Pond Bay Club, shall be conducting a sale of the Receiver’s right, title and interest in certain assets. The sale will take place at the Pond Bay Club project site on St. John, USVI from September 21, 2010 to September 24, 2010.

The Pond Bay Club was planned as a 15-acre private residential resort located on Chocolate Hole Bay in St. John, USVI. The development plan contemplated the construction of 50 residential units and related amenities and services comprised of 17 buildings.

The assets being offered for sale include two new 1 Megawatt Broadcrown generators, seven Jeep vehicles, general construction materials (e.g. lumber, storm water & sanitary piping and conduit, electrical supplies), furniture and fixtures, a "Fastway" concrete plant with three 10 yard trucks, construction trailers, and shipping containers.

The assets will be offered for sale on an "as is, where is" basis, without warranty.

Archive link for this entry: Court Authorized Sale of Certain Assets of the Pond Bay Club, St. John, U.S. Virgin Islands | |

US Virgin Island Real Estate Looking To Bounce Back From 2008 Crash

Some stunning stats in this article - not sure if they are all accurate or not - I was not aware things were quite so bad:

"In St John, the average price of condominium units plummeted to around US $300,000 this year, down 50.5% from 2009 prices. The average home sales price dropped 14% to US $1.28 million in 2009, but has rallied in 2010 with a 7% increase to US $1.37 million according to Islandia Real Estate. And the market for villas has started to look up in 2010 with a 15% increase in sales from 2009."
Archive link for this entry: US Virgin Island Real Estate Looking To Bounce Back From 2008 Crash | |

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